Sim swap fraud – Know more about sim swap meaning

Sim swap fraud: Now a days one new term Sim Swap Fraud, come in touch. Increasing of mobile banking and usability of internet on smartphone device. Hackers and online thieves are come with this new kind of sim swap fraud techniques. Here today we see about – What is this Sim Swap Fraud? How sim swap fraud works? and What kind of steps to be taken, to prevent your mobile or smartphone sim card form sim swap fraud.

Sim Swap Fraud : A New Way of Stealing Money

sim swap fraud,

Your Account information might get leaked! Stay aware about SIM Swap fraud. Under SIM Swap fraud, fraudsters manage to get a new SIM card issued against your registered mobile number through the mobile service provider. With the help of this new SIM card, they get One Time Password (OTP) and alerts, required for making financial transactions through your bank account.

How do fraudsters operate Sim Swap Fraud?

STEP : 01

Fraudsters gather customer’s personal information through Phishing, Vishing, Smishing or any other means.

STEP : 02

They then approach the mobile operator and get the SIM blocked. After this, they visit the mobile operator’s retail outlet with the fake ID proof, posing as the customer.

STEP : 03

The mobile operator deactivates the genuine SIM card and issues a new one to the fraudster.

STEP : 04

Fraudster then generates One Time Password (OTP) required to facilitate transactions, using the stolen banking information. This OTP is received on the new SIM held by the fraudster.

How to protect yourself from Sim Swap Fraud:

  1. If your mobile no. has stopped working for a longer than usual period, enquirer with your mobile operator to make sure you haven’t fallen victim to the Scam.
  2. Register for SMS and Email Alerts to stay informed about the activities in your bank account.
  3. Regularly check your bank statements and transaction history for any irregularities.

Wingers, stay awake against Sim Swap Fraud. Save your hard earned money from online fraud and be safe,….!!!

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